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Universal Charitable Deduction Legislation to Be Introduced on February 28, 2023

On Tuesday, February 28, Senators James Lankford (R-OK) and Chris Coons (D-DE) will introduce the Charitable Act.

The bill would restore the non-itemizer charitable deduction and raise the caps from $300 for individuals ($600 for joint filers) to approximately $4,600 for individuals ($9,200 for joint filers). The bill is exactly the same as the bipartisan bill introduced in the last Congress (S. 618) with minor technical changes:

  • A new title – Charitable Act versus the Universal Giving Pandemic Response and Recovery Act in the last Congress
  • Updated two-year extension – for taxable years 2023 and 2024 (versus 2021, 2022 in the old bill)
  • Updated effective date – after December 31, 2022

The Minnesota Council on Foundations affirms that philanthropy and charitable giving promote the common good and are essential expressions of civic engagement in a democratic society that should be valued and supported through tax policies and regulations. Charitable giving is vital to the nonprofit sector and health. The Charitable Act would be an investment in our states and is critical to ensuring our communities are supported.  A universal charitable giving deduction promotes equity by ensuring all taxpayers continue to have access to giving incentives thus allowing for more people to give. The Charitable Act would help foundations achieve missions and support workforces and communities as our nation recovers from current and future crises.

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